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Philippines Policy Rate 6.5% (consensus 6.5%) in May-24

• The BSP maintained its policy rate at 6.5%, aligning with the consensus forecast, reflecting a balanced approach amid persistent inflationary pressures and moderated economic activity.
• While the inflation forecast for 2024 eased slightly to 3.8%, the forecast for 2025 increased to 3.7%, indicating persistent inflation risks from higher transport, food, electricity, and oil prices.
• The BSP's restrictive policy stance aims to anchor inflation expectations and ensure price stability, with readiness to adjust policy settings as necessary, supported by government measures to address supply-side pressures.

Australia Unemployment Rate 4.05% (consensus 3.9%) in Apr-24

- The unemployment rate in Australia increased to 4.05% in April 2024, surpassing the consensus forecast of 3.9% by returning to the highest level since January.
- That slackening occurred despite a surprisingly large employment increase of 38,500 in April, owing to faster labour force growth.

US CPI Inflation 3.36% y-o-y (consensus 3.4%) in Apr-24

- US CPI inflation in April 2024 slowed to 3.36% year-on-year, marginally on the low side of the consensus estimate.
- The Core CPI rate matched expectations by slowing to 3.6% year-on-year in April 2024. That is a welcome improvement, but it still shows excessively high underlying pressures.

India CPI Inflation 4.83% y-o-y (consensus 4.8%) in Apr-24

- India's CPI inflation in April 2024 was broadly in line with expectations and the previous month at 4.83% y-o-y.
- However, this growth represents the lowest inflation rate since May 2023 and is below both the one-year average and long-run average, which could have significant implications for economic policies and decision-making.